Aplab Ltd (517096)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aplab's revenue was ₹9.6 Cr (-37.8% year on year, -33.0% on the previous quarter), and net profit ₹-2.5 Cr (against a profit a year earlier); the operating margin was -26.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹9.6 | -37.8% | -33.0% |
| Operating profit | ₹-2.6 | to loss | loss widened |
| Net profit | ₹-2.5 | to loss | loss widened |
| EPS (₹) | -1.60 | to loss | loss widened |
| Operating margin | -26.6% | — | — |
📢 Recent Corporate Announcements
Aplab Limited has submitted the consolidated Scrutinizer's Report for its 61st Annual General Meeting (AGM) held on August 28, 2026, via Video Conferencing. The report was issued by Practicing Company Secretary Mrs. Rama Subramanian in compliance with Regulation 44 of SEBI LODR. The filing covers the voting results for resolutions tabled at the AGM. This is a routine statutory disclosure with no immediate financial impact.
- 61st Annual General Meeting conducted on August 28, 2026, at 11:30 AM via VC/OAVM
- Consolidated Scrutinizer's Report submitted by Practicing Company Secretary Mrs. Rama Subramanian
- Submission made pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015
- Filing submitted to BSE on August 29, 2026
Aplab released its 61st AGM Management Address detailing its FY26 operational performance and segment dynamics. Despite revenue declining to Rs 58.44 crore from Rs 63.67 crore in FY25, net profit improved to Rs 2.52 crore compared to Rs 0.26 crore in FY25 due to cost reduction and manufacturing consolidation. Working capital improved significantly with debtor days dropping to 53 from 124 and debt-equity decreasing to 0.93 from 2.38. Management refrained from offering FY27 order-book guidance and did not recommend any dividend.
- FY26 PAT reached Rs 2.52 crore vs Rs 0.26 crore in FY25, with OPM improving to 10.07% from -5.29%
- Revenue contracted 8.2% YoY to Rs 58.44 crore (vs Rs 63.67 crore in FY25)
- Debtor days reduced to 53 from 124; Debt-to-Equity improved to 0.93 from 2.38
- Power Control & Conversion Electronics generated ~75% of revenue; Banking Automation grew 50% and TMI grew 30%
- Service vertical contributed Rs 6.58 crore in revenue; no dividend declared for FY26
Aplab Ltd has announced its 61st Annual General Meeting (AGM) will be held on August 28, 2026, via video conferencing. The company has fixed August 21, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. Consequently, the register of members and share transfer books will be closed from August 22 to August 28, 2026. This is a standard regulatory procedure for listed companies to conduct annual shareholder business.
- 61st Annual General Meeting scheduled for August 28, 2026, at 11:30 a.m.
- Cut-off date for e-voting eligibility set for August 21, 2026
- Book closure period defined from August 22, 2026, to August 28, 2026 (7 days)
- Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM)
Aplab Ltd has reported the full utilization of ₹629.00 Lakhs raised through its Rights Issue as of June 30, 2026. The funds were raised via the issuance of 1.25 crore shares at ₹5 per share (including premium). A utilization certificate from Infomerics Valuation and Rating Limited confirms that the proceeds were used for intended objects like capital expenditure and working capital. There are no unutilized funds remaining from this specific tranche in the escrow account.
- Total amount raised and fully utilized stands at ₹629.00 Lakhs as of June 30, 2026
- The Rights Issue involved 1,25,70,000 equity shares issued at a price of ₹5 per share
- Monitoring Agency Infomerics Ratings confirmed zero balance remaining in the Rights Issue Escrow Account
- The Rights Issue was originally based on a Record Date of May 29, 2025, and closed on July 3, 2025
Aplab Ltd has released its FY25-26 Annual Report and scheduled its 61st AGM for August 28, 2026. The company reported a significant improvement in its net debt-equity ratio, which fell to 0.56 in FY26 from 2.02 in FY25, driven by a net worth increase to Rs 20.01 Cr. While FY26 revenue declined ~8% to Rs 58.44 Cr, the company achieved a net profit of Rs 2.52 Cr compared to Rs 0.26 Cr in the previous year. Key agenda items include the appointment of Nishith P. Deodhar as Executive Director with a proposed basic salary of Rs 29 lakhs.
- Net debt reduced significantly to Rs 11.24 Cr in FY26 from Rs 20.91 Cr in FY25.
- Total Equity increased to Rs 20.01 Cr as of March 31, 2026, up from Rs 10.37 Cr in the previous year.
- Proposed appointment of Nishith P. Deodhar as Executive Director for a 3-year term starting June 1, 2026.
- FY26 revenue stood at Rs 58.44 Cr with a net profit of Rs 2.52 Cr, reflecting a turnaround from low FY25 profitability.
- Remote e-voting for AGM resolutions is scheduled from August 25 to August 27, 2026.
Aplab Ltd reported a weak set of results for Q1 FY27, with revenue from operations declining 37.8% YoY to Rs 9.61 Cr from Rs 15.45 Cr. The company swung to a net loss of Rs 1.45 Cr, compared to a net profit of Rs 0.85 Cr in the same quarter last year. This marks the second consecutive quarter of losses, following a Rs 0.72 Cr loss in Q4 FY26. High fixed costs, particularly employee benefits at Rs 4.40 Cr (45.7% of revenue), continue to pressure margins amid falling sales.
- Revenue from operations fell to Rs 9.61 Cr, a 37.8% decline compared to Rs 15.45 Cr in Q1 FY26.
- Reported a net loss of Rs 1.45 Cr against a profit of Rs 0.85 Cr in the year-ago period.
- Employee benefit expenses remained high at Rs 4.40 Cr, accounting for nearly 46% of total revenue.
- Total expenses of Rs 11.80 Cr significantly exceeded the total income of Rs 9.70 Cr.
- Basic EPS turned negative at Rs (1.60) for the quarter compared to Rs 0.85 in Q1 FY26.
Aplab Ltd's board met on July 30, 2026, to approve the un-audited financial results for the quarter ended June 30, 2026. This follows a weak March 2026 quarter where the company reported a net loss of ₹0.72 crore on revenue of ₹14.35 crore. Investors are awaiting the detailed filing to see if the company has improved its operating margins, which were negative in the previous quarter. The company remains under pressure with a debt-to-equity ratio of 0.94 and ongoing liquidity constraints affecting raw material procurement.
- Board approved un-audited financial results for the quarter ended June 30, 2026
- Board meeting conducted between 2:30 p.m. and 3:45 p.m. on July 30, 2026
- Company entered the quarter with a TTM revenue base of ₹58 crore
- Previous quarter (Mar 2026) recorded an operating loss of ₹1.82 crore
- Promoter holding remains stable at 43.83% as of June 2026
Aplab Ltd has scheduled a board meeting for July 30, 2026, to review and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a weak March 2026 quarter where the company reported a net loss of ₹0.72 Cr on revenue of ₹14.35 Cr. Investors will be monitoring for signs of recovery in operating margins, which stood at 5.1% on a TTM basis, and updates on the company's liquidity position. The company is currently undergoing a strategic shift toward Solar Power Equipment to drive growth.
- Board meeting scheduled for July 30, 2026, to approve Q1 FY27 results.
- Company reported a net loss of ₹0.72 Cr in the preceding quarter ended March 2026.
- TTM revenue stands at ₹58 Cr with a thin net profit of ₹3 Cr.
- Operating profit margin (OPM) for the TTM period is 5.1%.
- Promoter holding remains stable at 43.83% as of June 2026.
Financial Performance
Revenue Growth by Segment
The company's total operating income grew by 36.65% YoY, reaching INR 68.76 Cr in FY25 compared to INR 50.32 Cr in FY24. Segment-specific growth percentages for Test and Measurement (T&M), Power Conversion (PCC), UPS systems (PE), and Banking Automation (BA) were not individually disclosed in the provided documents.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates primarily out of Navi Mumbai and Thane, Maharashtra.
Profitability Margins
Profitability showed a significant decline; Net Profit Margin (PAT/OI) dropped from 1.60% in FY24 to 0.40% in FY25. Gross and operating trends were pressured by a shift to negative operating profitability.
EBITDA Margin
The OPBDITA margin collapsed from a positive 10.60% in FY24 to a negative -4.20% in FY25, indicating that core operating costs exceeded operating income during the period.
Capital Expenditure
The company increased its Authorized Capital from INR 23.00 Cr to INR 30.00 Cr as of March 25, 2025, to facilitate capital restructuring and potential expansion. Specific INR Cr spend on physical assets was not detailed.
Credit Rating & Borrowing
The company is classified under the 'Issuer Not Cooperating' category by ICRA as of 2025 due to non-provision of information. This status typically leads to higher borrowing costs and restricted access to capital markets.
Operational Drivers
Raw Materials
Electronic components, semiconductors, and copper-based parts for power conversion and UPS systems. Specific percentage of total cost for each was not disclosed.
Capacity Expansion
Current capacity is not specified in units; however, the company is diversifying into the Solar Power Equipments business to capture renewable energy demand.
Raw Material Costs
Not explicitly disclosed as a percentage of revenue, but the negative OPBDITA of -4.20% suggests high input or manufacturing costs relative to the INR 68.76 Cr revenue.
Manufacturing Efficiency
Negative operating margins suggest low manufacturing efficiency or under-utilization of capacity relative to fixed overheads.
Strategic Growth
Expected Growth Rate
36.65%
Growth Strategy
Growth is targeted through the diversification into Solar Power Equipments and the restructuring of capital, including the conversion of 0.1% Compulsorily Convertible Preference Shares (CCPS) to Redeemable Preference Shares (RPS) to manage the balance sheet.
Products & Services
Test and Measurement Instruments (T&M), Power Conversion & Controls (PCC), UPS systems, Banking and Retail Automation (BA), Cable Fault Locating Instruments (CFS), and Solar Power Equipments.
Brand Portfolio
Aplab, Applied Electronics Limited (formerly).
New Products/Services
Solar Power Equipments; expected revenue contribution percentage not disclosed.
Market Expansion
The company is focusing on the renewable energy sector (Solar) and maintaining its presence in banking automation.
Strategic Alliances
Zee Entertainment Enterprises Limited holds a 26% stake in the company since the year 2000.
External Factors
Industry Trends
The industry is shifting toward renewable energy and digital banking automation. Aplab is positioning itself by diversifying into Solar Power Equipments to align with India's green energy transition, though it faces stiff competition from larger electronics manufacturers.
Competitive Landscape
Competes with both domestic and international manufacturers in the UPS and Test & Measurement segments.
Competitive Moat
The company possesses a legacy moat through its long-standing brand (since 1962) and technical expertise in niche areas like Cable Fault Locating. However, this moat is weakened by current financial instability and negative operating cash flows.
Macro Economic Sensitivity
High sensitivity to industrial CAPEX cycles and government spending in banking and power sectors.
Consumer Behavior
Increased demand for automated banking kiosks and renewable energy solutions.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) and Companies Act 2013. The company has faced challenges in timely remittance of Provident Fund and ESIC contributions.
Legal Contingencies
The company has pending litigations as of March 31, 2025, disclosed in Note 33 of the financial statements. Specific INR values for these cases were not provided in the summary.
Risk Analysis
Key Uncertainties
Liquidity risk is the primary uncertainty, with a 67.5% decline in PAT and negative operating margins threatening the ability to meet short-term obligations.
Geographic Concentration Risk
High concentration in India, specifically the Navi Mumbai industrial belt.
Technology Obsolescence Risk
Moderate risk; the company is mitigating this by moving into Solar and ERP-based financial tracking.
Credit & Counterparty Risk
Receivables quality is a concern given the tight liquidity and the need to issue post-dated cheques for employee gratuity.
